Brexit fears OVERSTATED? City of London says as few as 5,000 jobs may go when UK leaves EU

FEARS Brexit would affect the UK financial services sector may have been overplayed, according to a new estimated by the City of London Corporation, as the number of job losses before the UK leaves could be as little as 5,000.

Previous estimates pointed to a gloomy outcome, with some predicting tens of thousands of roles at risk.

But the new internal city report, compiled by the City of London Corporation and due for release in September, says the UK financial sector could suffer just 5,000 job losses.

Speaking to POLITICO, Lord Mayor of the City of London Charles Bowman confirmed that the new report estimates between 5,000 and 13,000 jobs will go by March 30 next year, the date the UK leaves the EU bloc.

The Lord Mayor also confirmed that 1,600 jobs have already been earmarked to move out of Britain.